For the past couple of weekâ€™s life as an intern at Gabhart Investments has been quite exciting. In the month of June I was constantly trying to understand the business. Every day was something completely new from the day before and required my full attention. Through out July and up to this point lots of direct learning has occurred as opposed to the month of June where I constantly was struggling to understand our daily activities. Curtis began to notice I had learned a lot about the business and began pushing me in a new direction as an intern.
The last six weekâ€™s Iâ€™ve been able to learn some very important things about the business that not only pertained to interning at Gabhart Investments but to my professional career as well.
Goal setting is incredibly important for anyone trying to achieve anything; loosing weight, buying a car, start a business, etc. By not writing down what you want to achieve hinders the chances of those thoughts ever becoming reality. After realizing this fact I asked Curtis for some materials about goals and how to effectively write out my goals. For about a week I carefully wrote out my short-term and long-term goals. An important fact about writing goals is to be as specific as possible when writing out goals. I didnâ€™t understand why I needed to be so specific only after my goals were written and there was no specificity, meaning there were no dates, details, and means of how to achieve the goals. Curtis eventually sat down with me and went through my goals to help refine and perfect my goals according to what I ultimately want to achieve.
Construction management was the second new skill learned over the course of the past six weeks. Understanding this aspect of rehabilitating properties is crucial. First it is necessary to create a scope of work for the project. The scope of work is created by carefully walking through the property and writing down everything that needs to be replaced, fixed, painted, etc. The gathered information is then uploaded onto an excel spreadsheet, which ultimately will be used as the instructions for what needs to be done on the project. Another part of construction management is scheduling the contractors and sub-contractors. Scheduling can be tricky because different trades may conflict such as painters and carpet installation. To make the work flow efficient it is important to create a critical path for a project in order for a project to be completed on time.
Another crucial skill Curtis insisted for me to learn was Supply management. For Bullrush and Agadir Curtis put me in charge of ordering all the supplies for the projects. Supply management consists of gathering information about what needs to be ordered, ordering the materials, coordinating the delivery, and securing the materials properly during the renovation. While walking through a property to create a scope of work you also are writing down what needs to be bought and how much of it. Once a list of what needs to be purchased and how much of it is created the next step is to choose the most appropriate items. Home Depot is an excellent resource for ideas, information, and delivery services. Initially I went to a local Home Depot and selected the items we needed. I walked through Home Depot for a couple of hours to get a good understanding of the products available and created a list of favorable products that can be used on other properties. The next step was to create an excel spreadsheet of the SKU numbers, quantity, and a short description of the items. Once the excel sheet was created I just had to send the information to Home Depot for a price quote. Unfortunately Home Depot at time is extremely difficult to work with because SKU numbers will be incorrect or prices donâ€™t match to the advertisement online. Little mistakes made by Home Depot can really drag out the timeline for a project. When the price quote is given the order is placed and send to the indicated addresses. Finalizing the materials order and coordinating the delivery are two of the most difficult things to do in the beginning stages of a renovation in my opinion. Once the materials are delivered securing the materials is next. Many different contractors are working on the project and sometimes materials are stolen or lost. To ensure nothing is stolen or lost it is a good idea to buy double keyed deadbolt locks for the garage doors.
The past six weeks have been a great learning experience for me. Moving forward into the second half of August I feel comfortable in leading my own renovation project with the knowledge acquired from the summer. Even though Iâ€™m not an expert in this business I feel the best way to learn more is to start doing renovations myself. Hopefully by October my brother and I will be buying our own property to do a light renovation and sell after six months of living in it. Please give me some constructive feedback on posts and/or advice on where to buy properties for a first time homebuyer.
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